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The rupee strengthened to 63.63 on increased selling of the US currency by banks and exporters amid forex inflows. Weakening of dollar against other currencies overseas also supported the rupee.
The domestic unit opened strong by 9 paise at 63.69 at the Interbank Foreign Exchange market today. It hovered in a range of 63.70 and 63.63, before quoting at 63.65, up 13 paise at 11.50 am local time.
Meanwhile, according to provisional data, foreign investors had put in Rs 1,229.35 crore into the domestic equity market on a net basis yesterday.
Yesterday, the rupee had bounced back by 9 paise to end at a fresh one-week high of 63.78 against the US dollar on fresh unwinding of the American currency by exporters and banks amid a continued record-setting spree in domestic equities.
The dollar touched a four-month low against the yen on Wednesday, pressured by simmering concerns that the US currency's yield advantage will start to erode as major central banks head toward unwinding their massive stimulus.
The dollar slipped to as low as 110.06 yen at one point, its lowest level since September 15. It later pared some losses and was last down 0.1 per cent at 110.16 yen.
The S&P BSE Sensex and the Nifty50 were trading flat after a five-day record-setting spree due to profit-booking by funds and retail investors ahead of January derivatives expiry on Thursday.
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